Before we begin, please take note of Platform's cautionary statement regarding forward-looking statements in the press release and earnings deck issued and posted today in connection with this conference call.

before we begin please take note of platform's cautionary statement regarding forward-looking statements in the press release and earnings deck issued and posted today in connection with this conference call


What we did see is relative to your pull-in question or what we saw is we definitely -- I think we highlighted this in February that we thought there was somewhere around 70 to 100 basis points

what we did see is relative to your pulling question or what we saw is we definitely -- i think we highlighted this in february that we thought there was somewhere around 70 to 100 basis points


So it's not surprising that investors exhibit a certain degree of concern about the performance and prospects of our company in the near future.

so it's not surprising that investors exhibit certain degree of concern about the performance and prospects of our company in the near future


To borrow the analogy from another industry, we are at the Apple II stage of our technology and that there's a lot more to come in the future.

to borrow the analogy from another industry we are at the apple ii stage of our technology and that there is a lot more to come in the future


Please see our recent SEC filings for more details on the risks that could impact Grace's future, operating results and financial condition.

please see our recent sec filings for more details on the risks that could impact grace's future operating results and financial condition


But that's not something that we're playing for right now. Right now, we're focused on capturing our fair share of the existing operations, and we're doing it with better technology.

but that's not something we're playing for right now right now we're focused on capturing our fair share of the existing operations and we're doing it with better technology


I believe we've been able to show that AmTrust is a great business with underwriting discipline, strong claims processing and outstanding actuarial expertise.

i believe we've been able to show that amtrust is a great business with underwriting discipline strong claims processing and outstanding actuarial expertise


There are some things that we were looking on -- working on that very could have easily have closed at the end of July and didn't.

there's some things that we were looking on -- working on that very could have easily have closed at the end of july and didn't


I don't -- with interest rates rising, I think that'll happen because of inflation as well as worldwide economic growth.

i don't -- with interest rates rising i think that'll happen because of inflation as well as worldwide economic growth


such as free cash flow and pro forma operating expense. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures

such as free cash flow and pro forma operating expense reconciliations of these non-gaap financial measures to the most directly comparable gaap financial measures


other dynamic that is going to help us as well in the second half of the year is, the more we are progressing into the year, the more we are benefiting from our efficiency program

dynamic that is going to help us as well in the second half of the year the more we are progressing into the year the more we are benefiting from our efficiency program


Our observation is based purely on basic operating cost differences when you monetize them, so it shouldn't come as any surprise.

our observation is based purely on basic operating cost differences when you monetize them so it shouldn't come as any surprise


new demand that's just been created in Louisiana as well as lever ourselves in the existing demand that we weren't currently serving

new demand that's just being created in louisiana as well as lever ourselves into existing demand that we weren't currently serving


My second question is related to the deal on part of the business that you will take over at some stage.

my second question is related to the deal on part of the mandaratum business that you will take over at some states


the administration has to relook at some of how they think of policies, I don't control that. I think that's the best solution. They have to

the administration has to relook at somehow they think of policies i don't control that i think that's the solution they have to


As you might expect, with the closing of the merger in the beginning of the second quarter and the system conversion mid-quarter, the period contained a bit of noise.

as you might expect with the closing of the merger in the beginning of the second quarter and the system conversion mid-quarter the period contained a bit of noise


These team members are working right now. They're on the road, they're in the air, and they're probably at your doorstep delivering the holidays around the world.

these team members are working right now they're on the road they're in the air and they're probably at your doorstep delivering the holidays around the world


that has been chronically underfunded over 13% over the past 9 years. So the 2019 rates were needed. They were necessary to cover program costs and keep benefits

that has been chronically underfunded over 13% over the past 9 years so the 2019 rates were needed they were necessary to cover program costs and keep benefits


trend in the group commercial insured enrollment. I know that you had told us to expect the decline in the first quarter. It's just that

the trend in the group commercial insured enrollment i know that you had told us to expect the decline in the first quarter it's just that


And then maybe 1 still more on the actions you're taking now, the savings actions. Are you looking to exit any

and then maybe one still more on the actions you're taking now with the savings actions are you looking to exit any of


gas trading margins. The question particularly is whether we can explain why the gas trading

gas trading margins the question particularly is whether we can explain why the gas trading


We'll continue to upgrade our business and enhance our onstream rates. We will drive better safety performance and broaden our distribution capabilities.

we'll continue to upgrade our business and enhance our onstream rates we'll drive better safety performance and broaden our distribution capabilities


Jonathan and I were quite nervous at the mid-year. And sure enough if they really had their finger on the pulse of the market and all those programs came in, in the back half quite nicely as they expected. So

jonathan and i were quite nervous at the midyear and sure enough if they really had their finger on the pulse of the market and all those programs came in in the back half quite nicely as they expected so


about our outlook for 2019. So first, we do welcome the recent stabilization of the oil prices.

about our outlook for 2019 so firstly we do welcome the recent stabilization of the oil prices


We are planning to initiate another Phase II study in small fiber neuropathy towards the end of this year as we continue to explore multiple potential indications for this asset.

we are planning to initiate another phase ii study in small fiber neuropathy towards the end of this year as we continue to explore multiple potential indications for this asset


So if -- I would not be surprised to coming back to you and saying that was particularly strong as we move forward because

so if i -- i would not be surprised at coming back to you and saying that was particularly strong as we move forward because


Now moving to Slide 6. Today, a number of major industry participants are deploying significant wireline networks across broad sections of the country.

now moving to slide 6 today a number of major industry participants are deploying significant wireline networks across broad sections of the country


but we face significant headwinds from continued pricing pressure across all the metals we sell with the exception of aerospace play.

but we face significant headwinds from continued pricing pressure across all the metals we sell with the exception of aerospace plate


So we have been very clear that we manage this in terms of return on capital. The way we measure the return on capital is on a cash-on-cash metric.

so we have been very clear that we manage this in terms of return on capital the way we measure the return on capital is on a cash-on-cash metric


we continue to expect our combined Buildings and Components businesses to track in the range of 2% to 4% volume growth

we continue to expect our combined buildings and components businesses to track in the range of 2% to 4% volume growth


has been very effective, meaningful and has shown a significant tangible positive impact on our overall financial results.

has been very effective meaningful and has shown a significant tangible positive impact on our overall financial results


as well as native apps for Android and iOS. We believe the advantages of this platform compared to the banks, credit unions and other legacy players have today are significant.

as well as native apps for android and ios we believe the advantages of this platform compared to what the banks credit unions and other legacy players have today are significant


look into the future of reserve releases, which is difficult. But what this chart is telling you is that our view of the reserves in our balance sheet

look into the future of reserve releases which is difficult but what this chart's telling you is that our view of the reserves in our balance sheet


enjoy a very distinctive profile with that product set and our brand in that marketplace and the reputation that we have for service delivery.


So I don't think there was much difference between our cat activity this year or last year

so i don't think there was much difference between our cat activity this year or last year in


there been any sort of a pause given some of the gyrations we've had? Just maybe a sense as to what you're seeing or how the new product funnel is filling up?

has there been any sort of a pause given some of the gyrations we've had just maybe a sense as to what you're seeing or how the new product funnel is filling up


and that is really driven by the choppiness related to prepayment fees and when they come in and the predictability of prepayment fees,


in the residue, which typically we get the majority of. So even though the margins have tightened on some of our processing deals, we still are doing accretive deals.

in the residue which typically we get the majority of so even though the margins have tightened on some of our processing deals we still are doing accretive deals


initially, this was a small asset and an acquisition of its own, and there were probably 2 reasons why we decided to go ahead with it.

initially this was a small asset as an acquisition of its own and there were probably 2 reasons why we decided to go ahead with it


and our parameters are getting better and better. So I think we're going to be on budget by the end of the year. And with molybdenum we're going to exceed it.

and our parameters are getting better and better so i think we're going to be on budget by the end of the year and with molybdenum we're going to exceed it


This morning's results capped a challenging year for our company. Brent will provide more details on financial results, but I wanted to give a few highlights.

this morning's results capped a challenging year for our company brent will provide more details on financial results but i wanted to give a few highlights


customers and having basically to pay for them. Over the next couple of quarters, do you see further drop as you

customers and having basically to pay for them over the next couple of quarters do you see further drop as you


We were pleased to further expand our base of cash flows backed by these types of agreements with our acquisition of the West Coast Facilities,

we were pleased to further extend our base of cash flows backed by these types of agreements with our acquisition of the west coast facilities


Having said that, it's a great business. The margins are strong. It's well run. We know what we're doing. I would be confident in saying this is a machine. It's an operating machine. It knows what it's doing.

having said that it's a great business the margins are strong it's well run we know what we're doing i would be confident in saying this is a machine it's an operating machine it knows what it's doing


Pretty much all of what we planned is happening at a pace and rate across now all 4 of the businesses and, indeed, in our global support functions, where

pretty much all of what we planned is happening at a pace and rate across now all 4 of the businesses and indeed in our global support functions where


And I'm very pleased with the new business that our team is driving and the increased focus that they are bringing to this very important long-term growth opportunity.

and i'm very pleased with the new business that our team is driving and the increased focus that they're bringing to this very important long-term growth opportunity


was effective on July 1. Stepping away from the macroeconomic situation on the island, there remains much that is within our control.

that was effective on july 1 stepping away from the macroeconomic situation on the island there remains much that is within our control


and deep sourcing capabilities, along with our flexible capital strategies, to find attractive investments in a world full of elevated asset prices.

and deep sourcing capabilities along with our flexible capital strategies to find attractive investments in a world full of elevated asset prices


And we actually have received a very material purchase order for that. That will be shipping through this year, including in the first quarter. So we'll start seeing that ramp up this year.

and we actually have received a very material purchase order for that that we'll be shipping through this year including in the first quarter so we'll start seeing that ramp up this year


Turning to Q1. The overall financial results were in line with our expectations, and let me reiterate what we said we would do.

turning to q1 the overall financial results were in line with our expectations and let me reiterate what we said we would do


improving on a more favorable projected profitability profile and nonrecurring tax expense associated with asset sales in the prior year.


But there was a feature of that conversion option that disappeared in the event that project financing happened in short order, which it did.

but there was a feature of that conversion option that disappeared in the event that project financing happened in short order which it did


The reason you want to do that is it speeds up the information. It makes information transfer much better. Again, all this is really based around

the reason you want to do that is it speeds up the information it makes information transfer much better again all this is really based around


So our outlook is consistent with some of the analysts' expectations, but probably delayed a year due to the headwinds that we've experienced this past year.

so our outlook is consistent with some of the analyst expectations but probably delayed a year due to the headwinds that we've experienced this past year


Or it's hard to upgrade in the noodles market? Second question is about branding.

or it's hard to upgrade in the noodles market second question is about branding


Going forward, our general and administrative expense will fluctuate based on activity within our business strategy review and litigation activity.

going forward our general and administrative expense will fluctuate based on activity within our business strategy review and litigation activity


To prepare for the accelerated growth in Europe, we completed the expansion of our European distribution center to 1 million square feet in the second quarter

to prepare for the accelerated growth in europe we completed the expansion of our european distribution center to 1 million square feet in the second quarter


Depending on what the top line is, it depends how much do we have to invest in China, which is growing very quickly. And we have to get there and automate and be able to process for this

depending on what the top line is it depends how much we have to invest in china which is growing very quickly and we have to get there and automate and be able to process for this


in which patients are unable to make enough red blood cells and the chronic inflammation further contributes to the anemia.


What are the benefits for PostNL? With the change, we are better able to absorb future volume decline,

what are the benefits for postnord with the change we are better able to absorb future volume decline


As I said, we'll take the period from now until completion to work out, in more detail, how we can do that integration best.

as i said we'll take the period from now until completion to work out in more detail how we can do that integration best


I would also like to remind everyone that nothing said on this call constitutes an offer to sell or solicitation to buy any securities

i would also like to remind everyone that nothing said on this call constitutes an offer to sell or a solicitation to buy any securities


As we -- we've got a number of actions taking place right now to optimize the design, to tool it up, to reduce the cost,

because we've got a number of actions taking place right now to optimize the design to tool it up to reduce the cost


we're seeing an urgency on the part of hubs that they want a much faster adoption rate than we've historically seen. We mentioned recently that

we're seeing an urgency on the part of hubs that they want a much faster adoption rate than we've historically seen we mentioned recently that


is a result of the confidence that your customers are feeling about the previous form factors you brought out and the games that you brought out.


and maybe some products may take up to 60 days to be delivered today. And

and maybe some products may take up to 60 days to be delivered today and


We believe a recovery in this market has started, although most of the growth is still being driven by replacement parts orders as mines get more active.

we believe a recovery in this market has started although most of the growth is still being driven by replacement parts orders as mines get more active


We've seen 1 or 2 projects where the customer didn't take delivery at the end of the quarter and so that gets moved into

we've seen 1 or 2 projects where the customer didn't take delivery at the end of the quarter and so that gets moved into


So we've had another good half. Our strategy has been and continues to be very effective in creating value for shareholders.

so we've had another good half our strategy has been and continues to be very effective in creating value for shareholders


No. I think those comments are primarily focused on what you would call traditional blocking and tackling. We can't hide from the fact that the economies out there is choppy. There's a lot of things

no i think those comments are primarily focused on what you would call traditional blocking and tackling we can't hide from the fact that the economy out there is choppy there's a lot of things


We see a strong funding environment in our focus areas, and we have a great sales team -- great sales leaders and team in place to capitalize on the opportunity.

we see a strong funding environment in our focus areas and we have a great sales team -- great sales leaders and team in place to capitalize on the opportunity


we don't believe that if you take, for example, the impact of negative interest rates, which is probably one of the major macro themes that impact bank revenues,

we don't believe that if you take for example the impact of negative interest rates which is probably one of the major macro themes that impacts bank revenues


That determines how we think about timing of an exit from Postbank. In other words, that still leaves us

that determines how we think about timing of an exit from postbank in other words that still leaves us


Of course, our call wouldn't be complete without a discussion of recovered paper prices, which continue to confound most of the experts, including us.

of course our call wouldn't be complete without a discussion of recovered paper prices which continue to confound most of the experts including us


We will also continue to focus on improving operations and fixing and modernizing the foundation of our company. With that said, you will see us doubling down on our purpose and our guest experience.

we will also continue to focus on improving operations and fixing and modernizing the foundation of our company with that said you will see us doubling down on our purpose and our guest experience


available in Britain after the Brexit. Once it would be workers stemming from the European Union, that could be an option.

available in britain after the brexit once it would be workers stemming from the european union that could be an option


Our Rieke business has developed a unique and innovative locking technology that provides our customers with solutions in a demanding shipping environment.

our reiki business has developed a unique and innovative locking technology that provides our customers with solutions in a demanding shipping environment


That's what our goal is. And that's why we brought this team here to bring this company to a place of competitive prominence consistently over a long period of time.

that's what our goal is and that's why we brought this team here to bring this company to a place of competitive prominence consistently over a long period of time


delivering on a culture of speed to execution, innovation and agility. I'm pleased to share we've recently brought on 2 new officers to our executive team.

delivering on a culture of speed to execution innovation and agility i'm pleased to share we've recently brought on 2 new officers to our executive team


So we're at that now and we're not hearing any pushback from shippers at this point in terms of their contractual commitments. As far as the timing goes,

so we're at that now and we're not hearing any pushback from shippers at this point in terms of their contractual commitments as far as the timing goes


one of the things that we said was we're about 6 months behind where we wanted to be in launching the programs that we really feel will enable this bookings growth to show up.


Furthermore, the various European countries adopt new technologies at a different pace and the local economies grow at varying speeds.

furthermore the various european countries adopt new technologies at a different pace and the local economies grow at varying speeds


These increases were partially offset by a decrease in average selling price per boat, a decrease that was due to the mix of model sales during the quarter.

these increases were partially offset by a decrease in average selling price per boat a decrease that was due to the mix of model sales during the quarter


is to become the preeminent provider of credit products and services to small businesses nationwide while delivering exceptional value and service to our customers.


Do you think this is going to be more of a result of customers coming forward? Or do you think it's going to be law firms that are going to be more active

do you think this is going to be more of a result of customers coming forward or do you think it's going to be law firms that are going to be more active


to comfort the rest of the year and therefore, I am fully confident to reach the full year guidance, which is written on this slide.

to come forth the rest of the year and therefore i am fully confident to reach the full year guidance which is written on the slide


Our organic investments are being made to strengthen our commercial product line, application engineering and product development capabilities

our organic investments are being made to strengthen our commercial product line application engineering and product development capabilities


we did respond with price, further price in the second half of the year. The additional inflation that we saw in the second half was principally around steel

we did respond with price further price in the second half of the year the additional inflation that we saw in the second half was principally around steel


if you can just help us out with how are they pricing it to the pet owner. How is it being used? Is it earlier on in the treatment regimen like you guys had hoped for?

if you can just help us out with how are they pricing it to the pet owner how is it being used is it earlier on in the treatment regimen like you guys had hoped for


we can make that available to additional sites. And there is interest well beyond the sites that we signed up, but we feel like we want to get that

we can make that available to additional sites and there is interest well beyond the sites that we signed up but we feel like we want to get that


We will be happy to answer some questions on this call, but please understand that there will be many topics related to this new legislation that we're still evaluating

we will be happy to answer some questions on this call but please understand that there will be many topics related to this new legislation that we're still evaluating


we think fees will be stable. And that may be a little conservative admittedly, Brady, because it's still very early in rolling out these payment products,

we think fees will be stable and that may be a little conservative admittedly freddie because it's still very early in rolling out these payment products


It's very difficult to generalize. I mean, certainly, there can be a lot of work done to prove whether there is or isn't a problem.

it's very difficult to generalize i mean certainly there can be a lot of work done to prove whether there is or isn't a problem


Our company goal, not in a couple of years, but in short order, is to be brand-agnostic to what's on the front of the building.

our company goal not in a couple of years but in short order is to be brand agnostic to what's on the front of the building


Obviously, if a customer went there and they saw everything, he would act like a duck, smell like a duck, and walk like a duck. There are some categories

obviously if a customer went there and they saw everything it would act like a duck smell like a duck and walk like a duck there are some categories


From our analysts, I always felt that you've treated us very fair. You've been very helpful to us. And for that, I thank you for your support over the years.

from our analysts i've always felt that you've treated us very fair you've been very helpful to us and for that i thank you for your support over the years


This provides guests access to real savings with their vacations by purchasing in advance, purchasing multiple ski days or purchasing packages of products.

this provides guests access to real savings for their vacations by purchasing in advance purchasing multiple ski days or purchasing packages of products


Our results in the second quarter demonstrate what we have repeatedly stated in these earning calls and in our frequent meetings with investors and analysts.

our results in the second quarter demonstrate what we have repeatedly stated in these earning calls and in our frequent meetings with investors and analysts


more of a dollar deposits from rupee deposits. So I just wanted to get a sense of where we are in that sense on what percentage would now

more of a dollar deposits from rupee deposits so i just wanted to get a sense of where we are in that sense on what percentage would now


bring to bear. No one else can provide that experience. Now we're not a closed solution. We're going to work with every company. Of course, we have to because our customers

bring to bear no one else can provide that experience now we're not a closed solution we're going to work with every company of course we have to because our customers


Earlier this year, the partnership took over as the sole provider of shuttle tankers to the oil companies operating offshore in East Coast Canada.

earlier this year the partnership took over as the sole provider of shuttle tankers to the oil companies operating offshore in east coast canada


and their ability to address other critical infrastructure needs. And we look forward to the announcement of this RFP by the end of the year.

and their ability to address other critical infrastructure needs and we look forward to the announcement of this rfp by the end of the year


including new digital content and the use of seasonal flavors and sampling, will enable wider recruitment, delivering the brand back to growth.

including new digital content and the use of seasonal flavors and sampling will enable wider recruitment delivering the brand back to growth


In summary, we're operating 2 successful and growing businesses and our management teams are executing on their operating plans.

in summary we're operating 2 successful and growing businesses and our management teams are executing on their operating plans


in terms of the next end of the period, I guess when would that be, Vince, in terms of the measurements? Yes. I mean, it's the same schedule as the '15, '16, so

in terms of the next end of the period i guess when would that be vince in terms of the measurement yes i mean it's the same schedule as the '15 '16 so


We will feature this and other new products for industrial and automotive applications at the upcoming Electronica Show in Munich.

we will feature this and other new products for industrial and automotive applications at the upcoming electronica show in munich


We are very proud of the quality of our people and our culture, and we believe that it's a continuing competitive advantage for us in the marketplace.

we are very proud of the quality of our people and our culture and we believe it is a continuing competitive advantage for us in the marketplace


So should that new market tax credit roll off and we not get a new award, our tax rate will go up,

so should that new market tax credit roll off and we not get a new award our tax rate will go up


it had a couple of segments. So can you give us some sense of core versus specialty and how that's doing? Because I believe they had some

it had a couple of segments so can you give us some sense of core versus specialty and how that's doing because i believe they had some


relatively stable pricing through the year and with us being able to get a little bit of margin improvement from asphalt cost deflation, was a very good outcome for us

relatively stable pricing through the year and with us being able to get a little bit of margin improvement from asphalt cost deflation was a very good outcome for us


And there was a real concern that collaborations might impinge our ability to execute on our own programs. And so we sought to try to

and there was a real concern that collaborations might impinge our ability to execute on our own programs and so we sought to try to


We believe we have opportunities for growth in each of our existing markets by adding profitable service lines and recruiting physicians.

we believe we have opportunities for growth in each of our existing markets by adding profitable service lines and recruiting physicians


Whether it is the Wyndham Rewards program at the Hotel Group, revenue management efforts in Europe that are helping to drive our booking pace at our rental businesses

whether it is the wyndham rewards program at the hotel group revenue management efforts in europe that are helping to drive our booking pace at our rental businesses


it's one of the reasons that power was more resilient than you anticipated before and can you elaborate on


And I think, Andrew, as you look at some of the July data, it will be a little messy because of some of the malware shipment timing issues.

and i think andrew as you look at some of the july data it will be a little messy because of some of the malware shipment timing issues


getting the first article inspections for all the detailed parts completed and then get the customers to approve those. And that has taken us longer.

getting the first article inspections for all the detailed parts completed and then get the customers to approve those and that has taken us longer


employer of choice? How much of the wage inflation do you think is your own choice to pay well above the wage versus how much is driven by the regulation? And then I have one follow-up.

employer of choice how much of the wage inflation do you think is your own choice to pay well above the wage versus how much is driven by the regulation and then i had one follow-up


which presents in a proportionate patients with Parkinson's disease as well as the majority of patients with multiple systems atrophy and pure autonomic failure.

which presents in a proportion of patients with parkinson's disease as well as the majority of patients with multiple systems atrophy and pure autonomic failure


We're going to keep -- we obviously keep a very close eye on it and it's not going to be put in place for a little bit of time. But if

we're going to keep -- we obviously keep a very close eye on it and it's not going to be put in place for a little bit of time but


except to say that, that transaction was truly a transformative agreement for Titan. And I thought then the best use of time

except to say that that transaction was truly a transformative agreement for titan and i thought then the best use of time


Tony earlier referred to significant exploration as well in the Northern Territory, and that's on the back of the success we've had, particularly at the Lantern

tiny earlier referred to significant exploration as well in the northern territory and that's on the back of the success we've had particularly at the lantern


in the quarter? Prepayment impact in the quarter contributed about 2 basis points of the 5 basis point increase from the second quarter

in the quarter prepayment impact in the quarter contributed about 2 basis points of the 5 basis point increase from the second quarter


our assumption that LIBOR rates modestly increased beginning the second half of 2016 and the addition of interest expense from debt assumed with the Pramac acquisition.

our assumption that libor rates modestly increase beginning in the second half of 2016 and the addition of interest expense from debt assumed with the pramac acquisition


First quarter new home sales were 15% above fourth quarter levels, and March sales were the highest in nearly 18 months.

first quarter new home sales were 15% above fourth quarter levels and march sales were the highest in nearly 18 months


where mills in both the Northwest and up in Canada are sitting relative to cash costs right now, because it looks to me like pretty much everybody must be under water.

where mills in both the northwest and up in canada are sitting relative to cash cost right now because it looks to me like pretty much everybody must be underwater


Together with continued investments, this has depressed the ROE to 3%, well below the cost of equity.

together with continued investments this has depressed the roe to 3% well below the cost of equity


We have not used lightly the term, the best we've ever made, and we've received strong endorsement from both the trade and our retail partners.

we have not used lightly the term the best we've ever made and we've received strong endorsement from both the trade and our retail partners


and we have invested in a joint venture distribution business in Latin America as a way to service the growing market without a large capital investment.

and we have invested in a joint venture distribution business in latin america as a way to service a growing market without a large capital investment


a fresher look with the recent renovations and the success of the new Grand Saladier, all signal a very bright future for the brand,

a fresher look with the recent renovations and the success of the new grand salad day all signal a very bright future for the brand


Building on recent enhancements to our industry-leading mobile platform, the team is hard at work, improving the customer experience to drive even deeper engagement.

building on recent enhancements to our industry-leading mobile platform the team is hard at work improving the customer experience to drive even deeper engagement


from my background, my training and these are prescription drugs. But at the same time, there's other things that could be

from my background my training and these are prescription drugs but at the same time there's other things that could be


offset by additional overhead related to our recent software implementation, compliance costs related to Sarbanes-Oxley and entry into new markets.

offset by additional overhead related to our recent software implementation compliance costs related to sarbanes-oxley and entry into new markets


can you comment on what gives you the comfort that the sales pace will remain similar to what you've seen in the past and as you enter new markets as well?


Though orders for the year are down to-date, we continue to have a strong pipeline of high confidence opportunities going into the third and fourth quarters.

while orders for the year are down to date we continue to have a strong pipeline of high-confidence opportunities going into the third and fourth quarters


the portfolio is seasoning almost a whole month every quarter, okay? Not quite a whole month, but almost a whole month every quarter. And I think, what would happen

the portfolio is seasoning almost a whole month every quarter okay not quite a whole month but almost a whole month every quarter and i think what would happen


are actions that we identified following the spinoff to permanently reduce our cost structure, which we began to implement at the end of the fourth quarter.

are actions that we identified following the spin-off to permanently reduce our cost structure which we began to implement at the end of the fourth quarter


In our early-stage oncology pipeline, we continue to build capabilities and explore new technologies that will extend our reach in the solid tumor market.

in our early-stage oncology pipeline we continue to build capabilities and explore new technologies that will extend our reach in the solid tumor market


by far, the largest economy in the world. That is where the growth is. Right now, the growth is in China and in India by any kind of a measure.

by far the largest economy in the world that is where the growth is right now the growth is in china and in india by any kind of a measure


We will continue to focus on brilliant execution of the 6 priorities across our markets to drive consistent performance delivery.

we will continue to focus on brilliant execution of the 6 priorities across our markets to drive consistent performance delivery


We also made some real improvements to the merchant experience in the quarter when we launched an improved suite of tools to help business owners better track and optimize their Groupon campaigns.

we also made some real improvements to the merchant experience in the quarter when we launched an improved suite of tools to help business owners better track and optimize their groupon campaigns


an April 1 implementation. And so something that we're watching closely. It's not something that I would tell you today I call a trend but

an april 1 implementation and so something that we're watching closely it's not something that i would tell you today i call a trend but


These solid results were driven by continued market share gains in our Broadband, Cable and Satellite business and solid expense management across our entire business.

these solid results are driven by continued market share gains in our broadband cable and satellite business and solid expense management across our entire business


is really very encouraging and positive when it comes to allowing companies like us to invest, grow, build, innovate. And that's going to be the best thing for customers.

is really very encouraging and positive when it comes to allowing companies like us to invest grow build innovate and that's going to be the best thing for customers


But we were able to offset this with stronger realized volumes on our Mid-Saskatchewan pipeline system and higher revenues from increased midstream marketing activities.

but we are able to offset this with stronger realized volumes on our mid-saskatchewan pipeline system and higher revenues from increased midstream marketing activities


for bills coming in the fourth quarter. So the cost of starting that operation back up as well as all the cost associated with it being idled,

for builds coming in the fourth quarter so the cost of starting that operation back up as well as all the costs associated with it being idled


deepened relationships and built out the infrastructure to secure assets that have a high yield and a short duration that are relatively unaffected by large exogenous shocks,


I think that in a nutshell sums it up and very good acquisition, but that's much more recent since the focus of Q4 was on that conversion.

and i think that in a nutshell sums it up and very good acquisition but that's much more recent since the focus of q4 was on conversion


Thank you, Darren. As noted earlier this year, Q1 was expected to be slow with wet weather impacting construction activity across California

thank you darren as noted earlier this year q1 was expected to be slow with wet weather impacting construction activity across california


A little more target and specific of what we've accomplished just in the last 20 months, and I think it's important that people understand the seismic shift that we've been going through.

a little more targeted and specific of what we've accomplished just in the last 20 months and i think it's important that people understand the seismic shift that we've been going through


We are also very encouraged to see the upgrade to a mobile capable architecture has led to an 80% increase in mobile phone conversion rates.

we are also very encouraged to see the upgrade to a mobile capable architecture has led to an 80% increase in mobile phone conversion rates


I think if you look at us over the last about 10 years, we've averaged about 2% net reduction in outstanding shares every year.

i think if you look at us over the last about 10 years we've averaged about 2% net reduction in outstanding shares every year


We have done something on the pricing. We are definitely working on packaging. We have improved the recipes.

we have done something on the pricing we are definitely working on packaging we have improved the recipes


While nobody knows for certain how all of this will play out, what we do know is that our nation is aging and that the demand for health care services in general

while nobody knows for certain how all of this will play out what we do know is that our nation is aging and that the demand for health care services in general


This decrease is primarily attributable to the use of restricted cash for the payment of claims and other liabilities associated with terminated contracts.

this decrease is primarily attributable to the use of restricted cash for the payment of claims and other liabilities associated with terminated contracts


So completion bond is going to come down towards the end of the year? Well, I cannot say anything definitive,

so completion bond is going to come down towards the end of the year well i cannot say anything definitive


reliability tests, you are expecting that will be completed? Of course, with the lifting up of completion bond,

reliability test you are expecting that will be completed of course with the lifting up of completion bond


and key indicators within the trucking industry are not as strong as they were in 2014, we still see some very positive signals that provide a level of confidence

and key indicators within the trucking industry are not as strong as they were in 2014 we still see some very positive signals that provide a level of confidence


Successful wells on Kimu and Barikewa have proved additional resources and importantly, in proximity to infrastructure that we expect to be commercial.

successful wells on kemo and barakwea have proved additional resources and importantly in proximity to infrastructure that we expect to be commercial


your comment about revenue growth from second, third and fourth quarter. What kind of revenue growth are you looking at?

your comment about revenue growth from second third and fourth quarter what kind of revenue growth are you looking at


wondering if there's anything to understand there about backlog composition trends and bearing in mind that you have been beating on revenues for several quarters here now.


we -- changing our systems around, changing those supply chains, lining out where to make progress in one plant versus another, and so on and so forth. And

changing our systems around changing those supply chains lining out where to make product in one plant versus another and so on and so forth and


further objections and discussions with the Revenue Authority. And we'd expect to resolve those in the coming months.

further objections and discussions with the revenue authority and we'd expect to resolve those in the coming months


so I'd like to address those first and then move to a deeper discussion of our ongoing business operations and the end markets we serve.

so i'd like to address those first and then move to a deeper discussion of our ongoing business operations and the end markets we serve


that a restructuring of the relationship with the state will be undertaken during the current legislative session. I'm going to turn it over to Tim now for his review of the financials.

that a restructuring of the relationship with the state will be undertaken during the current legislative session i'm going to turn it over to tim now for his review of the financials


So those core areas will be places that we continue to grow. And so we are not contemplating, participating in what might be a

so those core areas will be places that we continue to grow and so we're not contemplating participating in what might be a


Thank you, Neal. And good morning, everyone. I would like to begin this morning by touching on our fourth quarter results, which came in lower than our prior forecast.

thank you neil and good morning everyone i would like to begin this morning by touching on our fourth quarter results which came in lower than our prior forecast


And looking hard at deposits and then as importantly making sure that we try and get another part of the wallet or some consolidation out of it.

and looking hard at deposits and then as importantly making sure that we try and get another part of the wallet or some consolidation out of it


to actually adjust our exposure levels. Now we're trying to transact with our best clients as much as we used to before. But in some cases, we've had to be

to actually adjust our exposure levels now we're trying to transact with our best clients as much as we used to before but in some cases we've had to be


And with the device that requires no battery or electronic operation at all, we're able to have a deposition of this liquid powder

and with a device that requires no battery or electronic operation at all you're able to have a deposition of this liquid powder


are not too dependent on this topic because they are ongoing sales of existing models which grow for quite a few years still in the future.

are not too dependent on this topic because there are ongoing sales of existing models which go for quite a few years still in the future


opportunities? And is it even realistic to assume that those opportunities will exist in a much more robust way for mortgage REITs again in the near future?

opportunities and is it even realistic to assume that those opportunities will exist in a much more robust way for mortgage reits again in the near future


We'll continue to strengthen this capability as we learn how best to identify and coordinate these services on behalf of the members that we serve.

we'll continue to strengthen this capability as we learn how best to identify and coordinate these services on behalf of the members that we serve


And the new system for these 3 items does not work like the old system.

and the new system for these 3 items does not work like the old system


Look, we pay a lot of attention to the MLA. We understand sort of the implications of what can and can't be offered, and we sort of probably made those modifications about a year ago.

look we pay a lot of attention to the mla we understand sort of the implications of what can and can't be offered and we sort of probably made those modifications about a year ago


We see that activity starting to change and we support that. We also believe further industry consolidation should occur.

we see that activity starting to change and we support that we also believe further industry consolidation should occur


Second question would be, how much has the low methanol prices changed the cost dynamic for your competitors and therefore the dynamics in tow?

second question would be how much has the low methanol prices changed the cost dynamic for your competitors and therefore the dynamics in poe


So this strategy takes time, but it's the right strategy for Canadian Tire. Smaller brand acquisitions offers the opportunity to generate a lot of value.

this strategy takes time but it's the right strategy for canadian tire smaller brand acquisitions offer us the opportunity to generate a lot of value


Each of these consolidations are continued to be evaluated on a risk-adjusted return basis with a desire to average a payback period of less than 2 years.

each of these consolidations are continued to be evaluated on a risk-adjusted return basis with the desire to average a payback period of less than 2 years


it's -- we understand that these patients on average take their underlying medications, 50% to 60% of the time to begin with.

it's we understand that these patients on average take their underlying medication 50% to 60% of the time to begin with


I think the RE-KINECT study is an extremely important study, and that is going to just continue to add information over time.

i think the reconnect study is an extremely important study and that is going to just continue to add information over time


All in all, the assumption within the company is that the market will return to low single digit market growth

all in all the assumption within the company is that the market will return to low single-digit market growth


Now let me spend a few moments on the recent performance of our PEO. Revenues for the year grew 12%, in line with our expectations,

now let me spend a few moments on the recent performance of our peo revenues for the year grew 12% in line with our expectations


Is there a path to get back to that as well? Or are some of these changes that we've talked about today for the lower growth more permanent in nature?

is there a path to get back to that as well or are some of these changes that we've talked about today for the lower growth more permanent in nature


because to move, they're either going to have to move to another location and pay much, much higher rent or go to a much lesser building.

because to move they're either going to have to move to another location and pay a much much higher rent or go to a much lesser building


and consistent with our proven strategy to unlock the embedded growth and achieve a remarkable leasing spreads.

and consistent with our proven strategy to unlock the embedded growth and achieve our remarkable leasing spreads


So all of those kicking in along with just the financial discipline that we're employing throughout the company.

so all of those kicking in along with just the financial discipline that we're employing throughout the company


the more opportunities arise on the loan and securitization front. Those would be opportunities that I don't think we would want to constrain ourselves

and the more opportunities arise on the loan and securitization front those would be opportunities that i don't think we would want to constrain ourselves


Please note, this event is being recorded. I would now like to turn the conference over to Mr. Robert J. McCormick. Please go ahead, sir.

please note this event is being recorded i would now like to turn the conference over to mr robert j mccormick please go ahead sir


All 3 of our business segments have a strong outlook for new business in the second quarter as well as for the second -- or the remainder of the year.

all 3 of our business segments have a strong outlook for new business in the second quarter as well as for the second -- or the remainder of the year


We continue to work strategically with customers to place our coal in top performing plants, and to keep coal competitive in the marketplace.

we continue to work strategically with customers to place our coal in top-performing plants and to keep coal competitive in the marketplace


And if you were to review industry assessments for commercial markets today, you would find a wide variance in expectations.

and if you were to review industry assessments for commercial markets today you would find a wide variance in expectations


what happens in the quarter is they clean up and they do the work to make things get right again. And

what happens in the quarter is they clean up and they do the work to make things get right again and


move as much as they are moving up or down. And so I think our historic belief that we should run with operating leverage of

move as much as they are moving up or down and so i think our historic belief that we should run with operating leverage of


we had some of the expenses going away from this line and getting into other expenditure. So that is one reason for that. The second is also about

we had some of the expenses going away from this line and getting into other expenditure so that is one reason for that the second is also about


on prior calls, that tends to be a little bit choppy as you go through the year because of the cadence we use. And I think, this year, we'll have to look at raw materials in some regions.

on prior calls that tends to be a little bit choppy as you go through the year because of the cadence we use and i think this year we'll have to look at raw materials in some regions


These statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated.

these statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated


some large regional folks really in a couple of different markets right now. So it's -- I like we're having great conversations

some large regional folks really in a couple of different markets right now so it's -- i like -- we're having great conversations


and whether you might be able to add any additional color on previous peaks for wireless backhaul, fronthaul and where you stand now relative to those?

and whether you might be able to add any additional color on previous peaks for wireless backhaul front haul and where you stand now relative to those


Our third priority is on driving a premium service experience for our clients that will further distinguish Heidrick from its competitors.

our third priority is on driving a premium service experience for our clients that will further distinguish heidrick from its competitors


measuring ourselves going forward on the efficacy of those processes and how they will play out in terms of investment results. But certainly we would

measuring ourselves going forward on the efficacy of those processes and how they will play out in terms of investment results but certainly we would


If you analyze our results on a quarter-over-quarter perspective and compare the quality of our revenue during the first quarter with the fourth quarter of last year,

if you analyze our results on a quarter-over-quarter perspective and compare the quality of our revenue during the first quarter with the fourth quarter of last year


this environment, we will continue to monitor the markets in order to maximize both service levels to our customers and yield.

in this environment we will continue to monitor the markets in order to maximize both service levels to our customers and yield


We also believe that the ELD mandate began to have an impact on capacity late in the quarter, which has continued into the first quarter thus far.

we also believe that the eld mandate began to have an impact on capacity late in the quarter which has continued into the first quarter thus far


It's Kew. Let me offer up a few comments on the usage of fund lines. So over the last few years, we have heard from several of our limited partners

yes it's q let me offer up a few comments on the usage of fund lines so over the last few years we have heard from several of our limited partners


We are still in the early stages of executing against our long-term vision in this high-growth market, and I look forward to updating you on our progress throughout the year.

we are still in the early stages of executing against our long-term vision in this high-growth market and i look forward to updating you on our progress throughout the year


These statements are based on our current expectations and information available as of today and are subject to a variety of risks, uncertainties and assumptions.

these statements are based on our current expectations and information available as of today and are subject to a variety of risks uncertainties and assumptions


good visibility with respect to expenses, and we're definitely on track with respect to achieving that target that we set out.

good visibility with respect to expenses and we're definitely on track with respect to achieving that target that we set out


So in a nutshell, I feel good about where we are in trade spend, but there are always opportunities to optimize. And

so in a nutshell i feel good about where we are in trade spend but there are always opportunities to optimize and


not broadly, but we're going to go back on a very selective basis and go look at where they may be some opportunities for pricing and where it's cost justified, where it makes sense,

not broadly but we're going to go back on a very selective basis and go look at where there may be some opportunities for pricing and where it's cost justified where it makes sense


Before I give you more details on the plan itself, I'd like to give the word to Dessi, who will guide you through the financials. Thank you, Stefan.

before i give you more details on the plan itself i'd like to give the word to desi who will guide you through the financials thank you


Moving on to my question then. I would like to ask the management of KT, what is your priority across shareholders, government and employees?

moving on to my question then i would like to ask the management of kt what is your priority across shareholders government and employees


We are seeing some really good results in terms of the number of customers engaging with the site and the new channel that's already making a positive contribution to our overall part sales.

we are seeing some really good results in terms of the number of customers engaging with the site and the new channel is already making a positive contribution to our overall part sales


In light of this backdrop, we are committed to investing in technology and human capital to drive our business forward,

in light of this backdrop we are committed to investing in technology and human capital to drive our business forward


significant business growth, positive contribution as we continue to progress towards the margin target that we've referenced, and we've got the top line

significant business growth positive contribution as we continue to progress towards the margin target that we've referenced and we've got the top line


With the release of Digital Content Ratings to our clients this fall, we now have measurement capabilities available in market,

with the release of digital content ratings to our clients this fall we now have measurement capabilities available in market


Before we begin, we would like to remind everyone that during this call, management may make statements containing forward-looking information relating to the company's business and the environment in which it operates.

before we begin we would like to remind everyone that during this call management may make statements containing forward-looking information relating to the company's business and the environment in which it operates


We are looking to appoint a new leader in China. That search process is progressing, obviously, a very important role for the future of our business in China.

we are looking to appoint a new leader in china that search process is progressing obviously a very important role for the future of our business in china


Thank you, Tim. As I review the fourth quarter, keep in mind that during the quarter, the Partnership completed an acquisition from the sponsor and its affiliates.

thank you tim as i review the fourth quarter keep in mind that during the quarter the partnership completed an acquisition from the sponsor and its affiliates


ask you to wait a couple of weeks and discuss it during our Investor Day because that will be part of our discussion in order to

ask you to wait a couple of weeks and discuss it during our investor day because that will be part of our discussion in order to


the distribution of dividends and the implementation of our investment objectives. We kindly remind that the

the distribution of dividends and the implementation of our investment objectives we kindly remind that


our associates around the world live by MSA's core values every day. And at the center of this culture is our foundational core value of integrity.

our associates around the world live by msa's core values every day and at the center of this culture is our foundational core value of integrity


Looking closer at our first quarter results in core products, we saw a 3% decline in constant currency compared to a year ago.

looking closer at our first quarter results in core products we saw a 3% decline in constant currency compared to a year ago


We are now working very hard to strengthen our capacity and capability in terms of human resources, especially Indonesia

we are now working very hard to strengthen our capacity and capability in terms of human resources especially technician


and sit without assistance for at least 5 seconds. 2 patients in the cohort could crawl, pull to a stand, stand and walk independently.

and sit without assistance for at least 5 seconds 2 patients in the cohort could crawl pull to a stand stand and walk independently


Thank you, Ms. Ling . This concludes all the presentations. We will now proceed to the second half

thank you ms lin this concludes all the presentations we will now proceed to the second half


Fourth element that I would like to mention, it's the work that's gone into strengthening our web and telephone

fourth element that i would like to mention it's the work that's gone into strengthening our web and telephone


I don't think you're necessarily going to see the same level of adjustment for the electric distribution companies as what's being contemplated for gas.

i don't think you're necessarily going to see the same level of adjustment for the electric distribution companies as what's being contemplated for gas


There's not really anything major or specific other than I would say, I believe we've taken out

there's not really anything major or specific other than i would say i believe we've taken out


My colleague, Jesper, and I will now report on our company's performance in the last 9 months. We will also give you an outlook for the coming months.

my colleague jester and i will now report on our company's performance in the last 9 months we will also give you an outlook for the coming months


with an agreement on job cuts that affects approximately 3,000 staff members and enables us to announce our branch closure program.

with an agreement on job cuts that affect -- that affects approximately 3 000 staff members and enables us to announce our branch closure program


is now getting more towards the newer franchises, which does give us a higher level of stability within our Originals business.

is now getting more towards the newer franchises which does give us a high level of stability within our originals business


an add-on. Today, it is a central consideration. So we are having conversations at a level of the company where they're looking for transformative effects

an add-on today it is a central consideration so we are having conversations at a level of the company where they're looking for transformative effects


your answer about scale, is there a particular revenue run rate that you need to get to, to get to the scale that you

your answer about scale is there a particular revenue run rate that you need to get to to get to the scale that you


and analytics, into our arc filing product position us as a leading provider of data and analytics for clients meeting compliance

indexes and analytics into our arc filing product position us as a leading provider of data and analytics for clients meeting compliance


However, I would note that while we're pleased with the strong fourth quarter Civil margin, we don't expect a 15% margin to be the norm, at least not yet.

however i would note that while we're pleased with the strong fourth quarter silver margin we don't expect a 15% margin to be the norm at least not yet


not strong numbers, as the gross profit shortfall in the Canadian business softness previously described fell to the operating income line.

not strong numbers as the gross profit shortfall and the canadian business softness previously described fell to the operating income line


So basically, we share the savings with our partner and that will ensure that as we're saving the healthcare system patients and the payers

so basically we share the savings with our partner and that will ensure that as we're saving the healthcare system patients and the payers


Thank you, Jeff, and good morning, everyone. My comments today will focus on our third quarter origination activities and overall credit quality.

thank you jeff and good morning everyone my comments today will focus on our third quarter origination activities and overall credit quality


we're reacting to the repercussions of the price war as well as the recommendations given by the Polish FSA as

we're reacting to the repercussions of the price war as well as the recommendations given by the polish fsa as


in this quarter. From the point of view of shareholders, the decision of the management board

in this quarter from the point of view of shareholders the decision of the management board


Okay. Fair enough. Jeff, will you offer the backlog figure each quarter going forward? I mean, in the past, it was just on an annual basis.

okay fair enough jeff will you offer the backlog figure each quarter going forward i mean in the past it was just on an annual basis


Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks,

today's call may contain forward-looking statements these statements which we undertake no obligation to update represent our current judgment and are subject to risks


Our technology will define our future, and we need to ensure we're investing to create the highest quality infrastructure and a platform which allows us

our technology will define our future and we need to ensure we're investing to create the highest quality infrastructure and a platform which allows us


Nearly all are below the national average in terms of supply, and 5 of our 8 markets have less than 3 months' supply.

nearly all are below the national average in terms of supply and 5 of our 8 markets have less than 3 months supply


And so I think we feel that this year, we should get -- we should realize more out of our rate increases than we have in recent years.

and so i think we feel that this year we should get -- we should realize more out of our rate increases than we have in recent years


As we stated last quarter, given the significant level of recent activity and our desire to preserve flexibility to support our consumer business,

as we stated last quarter given the significant level of recent activity and our desire to preserve flexibility to support our consumer business


As we do all of that, we will continue with our long track record of ensuring the assets on our balance sheet are an important source

as we do all of that we will continue with our long track record of ensuring the assets on our balance sheet are an important source


We believe with Northwest, that pattern will continue in a very positive way. I would also like to add my welcome to the team members at Northwest.

we believe with northwest that pattern will continue in a very positive way i would also like to add my welcome to the team members at northwest


So we think that the acquisitions of our Prestige brands have been very good, and market reporting on how they are doing are fine

so we think that the acquisitions of our prestige brands have been very good and market reporting on how they are doing are fine


As I said last quarter, it is still early days, and these numbers are relatively small, but they point to increasing traction and revenues in the quarters ahead.

as i said last quarter it is still early days and these numbers are relatively small but they point to increasing traction and revenues in the quarters ahead


is the excess cash flow that we can use to pay off additional debt, redeem preferred units or raise distributions on our common units.

is the excess cash flow that we can use to pay off additional debt redeem preferred units or raise distributions on our common units


and it goes back to the basics of we've been able to show our certainty of execution and our nimbleness in understanding what the product is.


We believe that this contract will yield operating income margins in our typical range of 10% to 15% in future years.

we believe that this contract will yield operating income margins in our typical range of 10% to 15% in future years


one of the decisions considered in the top 4 or 5 cities? And how much important is the international expansion with -- in this decision?

one of the decisions considered in the top 4 or 5 cities and how much important is the international expansion with in this decision


an incredible transaction with a very large insurance company. And one of the things about working with that company, as you're really building a complete

an incredible transaction with a very large insurance company and one of the things about working with that company is you're really building a complete


I don't think it really has an impact on us one way or another. Again, given the fact that we've got sort of this advantaged pipeline into and out of China,

i don't think it really has an impact on us one way or another again given the fact that we've got sort of this advantaged pipeline into and out of china


The agreement highlights the constructive relationships we have in the jurisdictions where we operate and our ability to work with a variety of parties to secure results

the agreement highlights the constructive relationships we have in the jurisdictions where we operate and our ability to work with a variety of parties to secure results


And I guess as my follow-up, you mentioned a couple of different times about the difficulty in projecting the infrastructure side with these big projects, and I think all of us appreciated it. But

and i guess as my follow-up you mentioned a couple of different times about the difficulty in projecting the infrastructure side with these big projects and i think all of us appreciate it but


We think we have the right contacts. We think we have the right engineering plan and the right products plan, but we're not there yet.

we think we have the right contacts we think we have the right engineering plan and the right products plan but we're not there yet


In Japan, revenue from the region's factory automation market showed modest improvement both on a reported basis and in constant currency.

in japan revenue from the region's factory automation market showed modest improvement both on a reported basis and in constant currency


We again made a gain on the derivative that represents the fair value of the estimated discounted cash flows of pavements due in respect

we again made a gain on the derivative that represents the fair value of the estimated discounted cash flows of payments due in respect


Looking at total video subs. We actually have more subscribers today than we did 2 years ago because of the success of DIRECTV NOW.

looking at total video subs we actually have more subscribers today than we did 2 years ago because of the success of directv now


I'm also looking forward to introducing our new Chief Operating Officer, Micheal Dunn. He's already hit the ground running, and he'll be presenting next week.

i'm also looking forward to introducing our new chief operating officer michael dunn he's already hit the ground running and he'll be presenting next week


And one of the patient had a report of new supine hypertension not previously reported. But those were the only 2 and as reported in the early part A of the study,

and one other patient had a report of new supine hypertension not previously reported but those were the only 2 and those were reported in the early part a of the study


and that's that there is a broadening base of customers and there's been a lot of activity at the start-up and midsized level as it relates to our business.

and that's that there is a broadening base of customers and there's been a lot of activity at the startup and midsized level as it relates to our business


As I noted, the tank trailer markets and the platform or flatbed markets have remained soft

as i noted the tank trailer markets and the platform or flatbed markets have remained soft


particularly in February, deterred prospective buyers at the start of the spring selling season and curtailed construction activity in many regions.

particularly in february deterred prospective buyers at the start of the spring selling season and curtailed construction activity in many regions


strong real estate activity in the fourth quarter of 2018 allowed us to pursue additional transactions that closed in the first quarter.


And so it speaks to the concentrated effort here. And so what they're doing is there's another internal team that you would expect

and so it speaks to the concentrated effort here and so what they're doing is there's another internal team that you would expect


We expect increased recoveries in Chapada, with those modifications that have now been implemented and will begin to take effect in the second quarter of the -- of this year.

we expect to increase recoveries at chapada with those modifications that have now been implemented and will begin to take effect in the second quarter of the -- of this year


attrition rates within their target zone and operating margin which improved versus prior year for the fourth consecutive quarter and is now in the high single digits.


and the company will continue to deploy capital to the following initiatives based on highest risk-adjusted returns available to us.

and the company will continue to deploy capital to the following initiatives based on the highest risk-adjusted returns available to us


I caught your first part but not your second, Phil. And I don't want to get too far ahead on the pricing and packaging. I think

i caught your first part but not your second phil i don't want to get too far ahead on the pricing and packaging i think


As a result, I plan to go back to a more balanced approach in allocating our capital between strategic share buybacks and investing our capital into the business.

as a result i plan to go back to a more balanced approach in allocating our capital between strategic share buybacks and investing our capital into the business


Yes. And some other issues that we had in a couple -- we had a couple of life sciences clients and a couple of Energy Services clients, where we had PO issues.

yes and some other issues that we had is a couple -- we had a couple of life sciences clients and a couple of energy services clients where we had po issues


that are required for the accelerated approval application, which fall into line of giving any third party greater assurance

that are required for the accelerated approval application which fall into line of giving any third party greater assurance


We are confident the RNA destabilizing mechanism we are focused on represents a very relevant and important therapeutic target,

we are confident that the rna destabilizing mechanism we are focused on represents a very relevant and important therapeutic target


And I don't really expect additional acceleration of that. It's already pretty much built into our game plan at this point.

and i don't really expect additional acceleration of that it's already pretty much built into our game plan at this point


We have recently seen a very strong trend with major partnerships and acquisitions in this area, and we believe that controlled IL-12 is now positioned

we have recently seen a very strong trend with major partnerships and acquisitions in this area and we believe that controlled isle 12 is now positioned


When you think about it, if the MACs are pre-authorizing these claims, it really obviates the need for any post

when you think about it if the macs are pre-authorizing these claims it really obviates the need for any post


It is going to be driven by our ability to get our portfolio to a place where we think we have the optimal value

it is going to be driven by our ability to get our portfolio to a place where we think we have the optimal value


We are determined, obviously, as Unilever to operate under the highest levels of corporate governance. And what we've made clear is that we will be working under

we are determined obviously as unilever to operate under the highest levels of corporate governance and what we've made clear is that we will be working under


To our investors and to the analysts, I'd like to express our gratitude for your continued support and understanding.

to our investors and to the analysts i'd like to express our gratitude for your continued support and understanding


And that's the addressable space. We think we can get our fair share of that, and if we just use the kind of shares that

and that's the addressable space we think we can get our fair share of that and if we just use the kind of shares that


particularly as it allows us to generate relatively consistent EBITDA. Despite the significant drop in commodity prices and industry activity,

particularly as it allows us to generate relatively consistent ebitda despite the significant drop in commodity prices and industry activity


Such statements involve risk and uncertainties that may cause actual results to differ materially. A discussion of these statements and risk factors is available on the current Safe Harbor statement slide

such statements involve risks and uncertainties that may cause actual results to differ materially a discussion of these statements and risk factors is available on the current safe harbor statement slide


We'll talk more obviously in November about our outlooks and our plans for 2018. And I think we'll be in a better position to talk about

we'll talk more obviously in november about our outlooks and our plans for 2018 and i think we'll be in a better position to talk about


over the last couple of years with some of the carriers. So the stronger and more professional those alliances can operate, the better for our customers and for us.

over the last couple of years with some of the carriers so the stronger and more professional those alliances can operate the better for our customers and for us


As I mentioned, we're in advance discussions on how to demonstrate value on the Armstrong oil option and an equity investment that might flow from that.

as i mentioned we're in advanced discussions on how to demonstrate value on the armstrong oil option and an equity investment that might flow from that


we need to do things step by step. So we have a course that we're pursuing with discipline and intensity. But as I said, there's a strong focus on the short term.

we need to do things step by step so we have a course that we're pursuing with discipline and intensity but as i said there's a strong focus on the short term


helping your counterpart or following up on data, now can be spent selling. That's where we're going to see the biggest lift in the second half of the year.

helping your counterpart or following up on data now can be spent selling that's where we're going to see the biggest lift in the second half of the year


how the company has performed and executed as we move throughout the year, at this point in time, I would say that the biggest risk on the downside to the midpoint of guidance would be

how the company has performed and executed as we move throughout the year at this point in time i would say that the biggest risk on the downside to the midpoint of guidance would be


to the online space and to drive our growth. And that is the big opportunity that we see. We are certainly learning a lot from the various

to the online space and to drive our growth and that is the big opportunity that we see we are certainly learning a lot from the various


So we have some very good assets but the margins are so thin, we're not making enough money out of it. And we have contracted storage as well.

so we have some very good assets but the margins are so thin we're not making enough money on it and we have contracted storage as well


Going to Slide 16. Data from the IMF shows further evidence of the global economic expansion, as all major economies are growing simultaneously.

going to slide 16 data from the imf shows further evidence of the global economic expansion as all major economies are growing simultaneously


We also supply here a table to be very clear on the capitalization effect so that there should be no doubt what we estimate there going forward as well.

we also supply here a table to be very clear on the capitalization effect so that there should be no doubt what we estimate there going forward as well


This is the first quarter that our results reflect the contribution from Huawei, and we believe our results show that we got the deal done on the right terms.

this is the first quarter that our results reflect the contribution from huawei and we believe our results show that we got the deal done on the right terms


and this doesn't change that at all. But based on the data that we observed in that primate study, we are making

and this doesn't change that at all but based on the data that we observed in that primate study we are making


So firstly, can you just talk about what needs to happen for volumes to be up in that high single-digits range over the balance of the year? And would you need favorable weather to get there?

so firstly can you just talk about what needs to happen for volumes to be up in that high single-digit range over the balance of the year and would you need favorable weather to get there


And that is how do we make sure that all the way from line planning all the way to supply planning and placing orders in the factories, we have a

and that is how do we make sure that all the way from line planning all the way to supply planning and placing orders in the factories we have a


And since we need to focus on what we can control, we are even more resolute that we need to actively manage our expense base lower, which I will discuss further in a few minutes.

and since we need to focus on what we can control we are even more resolute that we need to actively manage our expense base lower which i will discuss further in a few minutes


as well as assumptions made by Horizon North using information currently available that may constitute forward-looking statements or information under applicable securities laws.

as well as assumptions made by horizon north using information currently available that may constitute forward-looking statements or information under applicable securities laws


It's still early days, but we see huge potential to further combine the 2 repositioning cases which massively benefit from each other.

it's still early days but we see huge potential to further combine the 2 repositioning cases which massively benefit from each other


As Dave mentioned, we estimate about half of all Americans in the next decade will receive their care through value-based coordinated care systems

as dave mentioned we estimate about half of all americans in the next decade will receive their care through value-based coordinated care systems


Nancy joins us from Seagate Technology, where she held executive positions in finance, corporate development and sales and business operations.

nancy joins us from seagate technology where she held executive positions in finance corporate development and sales and business operations


They are much more relevant to the community. They're probably going to do 30% to 50% more in volume. It's allowed us to really

they are much more relevant to the community there they're probably going to do 30% to 50% more in volume it's allowed us to really


The First Nations will take ownership in a world-class terminal asset, which is expected to generate solid returns for the next 50 years or more.

the first nations will take ownership in a world-class terminal asset which is expected to generate solid returns for the next 50 years or more


further defined how we're going to reorient those sales offices and consolidations and what have you, and that's frankly something we weren't going to do until the end of this year.

further defined how we're going to reorient those sales offices and consolidations and what have you and that's frankly something we weren't going to do until the end of this year


Similar to last quarter, our PEO bookings and retention were strong in the downmarket, while we have continued to see some pressure from larger client losses in the mid-market.

similar to last quarter our peo bookings and retention were strong in the down market while we have continued to see some pressure from larger client losses in the mid-market


and innovators like Slack and ZipRecruiter. As the world of work continues to evolve rapidly, we continue to focus on staying ahead of the curve.

and innovators like slack and ziprecruiter as the world of work continues to evolve rapidly we continue to focus on staying ahead of the curve


Constant currency and organic revenue will be aligned as we now have a full year of results for all of the 2015 acquisitions.

constant currency and organic revenue will be aligned as we now have a full year of results for all of the 2015 acquisitions


we were able to reduce inventory to just below the midpoint of our target range of 6,000 to 8,000 vehicles, one quarter earlier than expected.

we were able to reduce inventory to just below the midpoint of our target range of 6 000 to 8 000 vehicles one quarter earlier than expected


We achieved significant operational progress related to our profit-enhancement plan as fixed cost and variable cost were reduced and margins improved.

we achieved significant operational progress related to our profit enhancement plan as fixed costs and variable costs were reduced and margins improved


and new customer sales covering approximately 1.6 million lives will also impact revenue toward the end of this year.

and new customer sales covering approximately 1 6 million lives will also impact revenue toward the end of this year


and an additional amount to fund the completion of stock buybacks that neutralize the impact of stock issued in connection with the Visa Europe acquisition.

and an additional amount to fund the completion of stock buybacks that neutralize the impact of stock issued in connection with the visio europe acquisition


On the other hand, we are increasing the number of good factors and conditions. It's like reducing bad cholesterol and increasing good cholesterol,

on the other hand we're increasing the number of good factors and conditions it's like reducing bad cholesterol and increasing good cholesterol


the design, the products and do the overall inventory management and the planning and connects to the supply chain team. So

the design the products and do the overall inventory management and the planning and connects to the supply chain team so


and then second, how we should think about synergy opportunities as a percent of the acquired sales.

and then second how we should think about synergy opportunities as a percent of the acquired sales


really bring us attractive cash flows and a good synergy to get towards public comps in some of the business services spaces.


In the enterprise space, we signed an important contract with a large global shipping and logistics company to provide mobile messaging services

in the enterprise space we signed an important contract with a large global shipping and logistics company to provide mobile messaging services


We expect significant annual savings from these programs within our existing system, and we'll continue to experience sustainable savings with future acquisitions.

we expect significant annual savings from these programs within our existing system and we will continue to experience sustainable savings with future acquisitions


you pose 2 questions. The one would be working capital and what would be the level of working capital

you post 2 questions the one would be working capital and what would be the level of working capital


as we rapidly develop product enhancements on one unified platform as well as our decision to moderate investments as we move forward.


but at the same time, it is a segment that is not kept up with the technological changes that we've seen in the broader construction market.

but at the same time it is a segment that has not kept up with the technological changes that we have seen in the broader construction market


You asked about the project and some of the extra spending and some of the surprises we've had along the way.

you asked about the project and some of the extra spending and some of the surprises we've had along the way


With such background we forecast that it will continue to grow for the time being, and we made a plan this year accordingly.

with such background we forecast that it will continue to grow for the time being and we made a plan this year accordingly


Got it. Great. And so with scale or broker relevance, would that be something strategically you'd be looking for as well?

got it great and so would scale or broker relevance would that be something strategically you'd be looking for as well


One example of how we're digitizing our operations to the benefit of our customers and partners is demonstrated in our casualty underwriting system.

one example of how we're digitizing our operations to the benefit of our customers and partners is demonstrated in our casualty underwriting system


while making the adjustments necessary to continue to deliver good growth, and that's growth that's profitable, sustainable and responsible.

while making the adjustments necessary to continue to deliver good growth and that's growth that's profitable sustainable and responsible


And we went through a fairly significant vetting and looked at a number of options, externally in terms of bringing on a second billing company.

and we went through a fairly significant vetting and looked at a number of options externally in terms of bringing on a second billing company


Adjusted operating income, which excludes certain significant and noncash items, is more indicative of the underlying core operating performance.

adjusted operating income which excludes certain significant and noncash items is more indicative of the underlying core operating performance


I'm also pleased to say that we have recently received authorization from FERC to resume HDD operations at the Tuscarawas River for Rover.

i'm also pleased to say that we have recently received authorization from ferc to resume hdd operations at the tuscarawas river for rover


It should be noted that we have not yet completed and filed our annual report for the full year 2016, so the numbers shown remain as estimates.

it should be noted that we have not yet completed and filed our annual report for the full year 2016 so the numbers shown remain as estimates


we do expect to have kind of a continued active strategy as long as the investments make sense, the IRRs and the returns are attractive.

we do expect to have kind of a continued active strategy as long as the investments make sense the irrs and the returns are attractive


I'd like to spend a moment to talk about the new tax law and its impact on our fourth quarter financial results. The tax legislation

i'd like to spend a moment to talk about the new tax law and its impact on our fourth quarter financial results the tax legislation


quite frankly, less people leaving so the expense being a little higher than it was in the past. So those things are positive. And when we look at

quite frankly less people leaving so the expense being a little higher than it was in the past so those things are positive and when we look at


now it becomes quite clear, also to one of our key landlords, that they have to work a little bit, I

now it becomes quite clear also to one of our key landlords that they have to work a little bit


The first one is coming back at your guidance. There seems to be some confusion in the market of what you mean. My interpretation

the first one is coming back to your guidance there seems to be some confusion in the market of what you mean my interpretation


as well as stockholder return activities, including payment of our increased quarterly dividend and opportunistic repurchases of our common stock.

as well as stockholder return activities including payment of our increased quarterly dividend and opportunistic repurchases of our common stock


along with dedicated and segregated lines for the receipt and delivery of distillates and jet fuel.


And despite pushback from inflation and despite increased volumes, I am very happy to see that the gap is increasing,

and despite pushback from inflation and despite increased volumes i'm very happy to see that the gap is increasing


a time to inform itself of what really has gone on with Ruta del Sol. And this government understands perfectly

a time to inform itself of what really has gone on with ruta del sol and this government understands perfectly


of certain categories of exploration costs with the aim to be in line with the other oil and gas players.


very direct competitors with multiple platforms, there is a lot of internal conflict in terms of those multiple platforms, in terms of where they're going to put their

very direct competitors with multiple platforms there's a lot of internal conflict in terms of those multiple platforms in terms of where they're going to put their


We had a strong quarter compared with last year but more importantly is the upward growth in our sales and new business wins.

we had a strong quarter compared with last year but more importantly is the upward growth in our sales and new business wins


and there was management turnover. They also had fraud problems and they are trying to stand up again,

and there was a management turnover they also had fraud problems and they are trying to stand up again


have plateaued. The metals market continues to be challenging as a result of global overcapacity, particularly in the steel industry.

have plateaued the metals market continues to be challenging as a result of global overcapacity particularly in the steel industry


They'll be including some forward-looking statements today, so we ask that you please refer to the disclaimer and the conditions surrounding these statements in the earnings release.

they'll be including some forward-looking statements today so we ask that you please refer to the disclaimer and the conditions surrounding these statements in the earnings release


in the Consumer Segment, despite that we also continue to see FX headwinds. As a few examples of the efficiency program,

in the consumer segment despite that we also continue to see fx headwinds as a few examples of the efficiency program


how are things trending? Which one of these businesses is still accelerating versus maybe starting to level off?

how are things trending which one of these businesses is still accelerating versus maybe starting to level off


explain to them and demonstrate to them how it can be done and how it should be done. So I would describe the consultation so far as being constructive and positive.

explain to them and demonstrate to them how it can be done and how it should be done so i would describe the consultation so far as being constructive and positive


But the dissipation of oil inventory overhang and the lack of oilfield investment through the downturn plays this latest oil price move on firmer footing

but the dissipation of oil inventory overhang and the lack of oilfield investment through the downturn place this latest oil price move on firmer footing


Most importantly, it is a great example of how we steadily deploy capital within the strategic framework I described earlier to cultivate competitive advantage and drive returns over the cycle.

most importantly it is a great example of how we steadily deploy capital within the strategic framework i described earlier to cultivate competitive advantage and drive returns over the cycle


compared with last year. The decrease in sales was primarily attributable to lower sales volume and lower selling prices of stone fruit.

compared with last year the decrease in sales was primarily attributable to lower sales volume and lower selling prices of stone fruit